Investors plan 24 projects worth $4bn in Oman

Investors have sought permission from Oman government for establishing 24 projects with a combined investment of $4bn (OMR1.5bn).

The country’s minister of commerce and industry Dr Ali bin Masoud Al Sunaidi said that these projects are in different sectors, including manufacturing.

In addition, around 57% of the manufacturing projects have been completed as part of the Tanfeedh programme, which has a combined estimated investment of around $2.4bn (OMR956m).

Al Sunaidi said: “During the Ninth Five-Year Plan (2016-2020), the ministry focuses on taking measures that will facilitate the business environment and speed up the process of issuing commercial licenses.”

The country’s domestic output also rose by 12% last year, Times of Oman reported.

Al Sunaidi said that $6.4bn (OMR2.5bn) has been the contribution of industrial sector during the first six months of 2017.

He remarked that despite economic crisis due to low oil prices, the industrial sector is still on a good footing.

Al Sunaidi also said that innovation is one of the areas where the country entered late compared to several other countries, and there is a focus on this during the past few years.